Band of Outsiders May Live on Without Scott Sternberg

After failing to attract a sizable enough bid for the company on Wednesday, Belgian fashion fund CLCC SA announced its plans to "continue to market Band of Outsiders in the U.S. and overseas."
Avatar:
Dhani Mau
Author:
Publish date:
Social count:
428
After failing to attract a sizable enough bid for the company on Wednesday, Belgian fashion fund CLCC SA announced its plans to "continue to market Band of Outsiders in the U.S. and overseas."
Scott Sternberg after winning a CFDA Award in 2008. Photo: Rabbani & Solimene/WireImage

Scott Sternberg after winning a CFDA Award in 2008. Photo: Rabbani & Solimene/WireImage

It sounds like Band of Outsiders may have a future after all.

Earlier this summer, the 11-year-old, Los Angeles-based fashion brand ceased all operations, canceling fall orders, laying off staff, closing its New York flagship and bidding farewell on Instagram. According to WWD, the company was unable to make payment on a $2.5 million credit line provided by Belgian fashion fund CLCC SA, which took hold of the company's remaining assets and on Wednesday held a public auction for Band's intellectual property and remaining inventory in New York.

While there were multiple bids, the trade reports that they were not large enough to cover the $2.5 million debt, and that Band remains in the hands of CLCC, which plans to "continue to market Band of Outsiders in the U.S. and overseas" per a statement attributed to reps for the fund.

Lawyers who handled the auction did not immediately respond to multiple requests for comment.

CLCC, created in 2013 by shipping magnate Pierre Cigrang, has thus far invested primarily in Belgian fashion labels, including A.F. Vandevorst and Christian Wijnants, though in 2014 it took a minority stake in London-based Yang Li.

If CLCC does continue to market Band of Outsiders, it will likely be without founder Scott Sternberg, who made clear in an Instagram post last month that his time at Band of Outsiders was over, regardless of the brand's future.